According to a recent report published by Allied Market Research, titled, Global LED Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024, The global LED market was valued at $33.10 billion in 2017, and is projected to reach $96.71 Billion by 2024, registering a CAGR of 15.9% from 2018 to 2024.
Light emitting diodes (LEDs) are used in variety of applications. A few years ago, application of LED was limited to certain specific lighting needs and had not entered the mainstream general lighting applications. Entrance of LED in applications such as general lightings have given a strong thrust to the market. LED is expected to take over the conventional CFL and CCFL lighting market due to advanced features. Moreover, it is a cost-effective solution for all lighting as well as other application purposes such as backlighting in large screen displays, automotive lighting and many others.
At present, Asia Pacific dominates the market, followed by Europe. In 2017, the U.S. is expected to remain dominant in the North America market, while China is projected to lead the overall market in Asia Pacific.
Increase in government focus on energy saving solutions, increase in utility rebates, and Growing display and large screen backlighting market are the factors that drive the market. In addition, growth of smart lighting and high efficacy LED boost the growth of the LED market. However, high initial cost restricts the growth of the market.
Key Findings of the LED Market:
- The residential segment generated the highest revenue in the global LED market in 2017.
- In 2017, the general lighting segment contributed to the highest revenue in the application segment.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players profiled in the report are Nichia Corporation, Osram GmbH, Lumileds Holding B.V., Seoul Semiconductor, Samsung Electonics, Everlight Electronics, Cree Inc., LG Innotek, Lumens Co., Ltd. and GE Lighting Solutions.